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What You Need to Know Before Using Blockchain Tech in Your Business

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Whether it’s because it attracts more clients or makes your processes more efficient, incorporating the right technologies can help your business succeed. One such technology is blockchain. Indeed, Yahoo states that the global blockchain market size is expected to grow to $39.7 billion in 2025. This is at least 13 times more than last year’s blockchain revenue ($3 billion). If you want to keep up with the competition, consider incorporating blockchain into your business.

However, before you do so, there are a few things you have to think about. Here are some of them:

Uses

The first thing you have to consider is what you’re going to use blockchain for. Its most widespread use is cryptocurrency, which is a form of payment that’s distributed using blockchain. Bitcoin and Ethereum are some examples. Using crypto has plenty of advantages. For example, since it doesn’t employ the services of a payment provider, it has lower fees. This is also why money flows much faster. Some of the biggest companies in the world like Microsoft, Subway, and Newegg, have already begun accepting crypto as payment.

However, crypto isn’t the only thing that blockchain offers. In our previous article ‘How Startups & SMBs Can Benefit From Blockchain’, we mentioned some of blockchain’s other uses like distributed applications (Dapps) and smart contracts. Dapps function like normal apps, except they run on a blockchain. This means that no entity fully controls it (even you), increasing its security. There’s also little to no downtime since, again, it doesn’t rely on the technology of a third-party provider.

Meanwhile, smart contracts are self-executing programs where the terms between all involved parties are written directly onto the blockchain. It automatically signs itself when the predetermined conditions are met and can’t be tampered with.

Other blockchain functions you may want to consider include but are not limited to: cloud storage, decentralized voting, and patent filing. Amazon is even working on a new electronic tracking system that will function on the blockchain. From customers to distributors, it will grant every party real-time visibility of the package as it moves to its destination. Any software that needs additional security, speed, and transparency can be built on a blockchain.

Security

No matter what industry you operate in, your company’s security is a top priority. From customer information to business transactions, hackers have made businesses their top targets. And with blockchain and cryptocurrency becoming the next frontier of finance, cyber crime is increasingly targeting companies in this field. A report from the Information Systems Security Association states that the world needs at least 4 million more properly trained cyber-security professionals to defend organizations from attacks.

This has led to a drive from higher education institutes schools to develop security programs, both on-campus and online, that will encourage graduates to enter the field. Many of these establishments include work experience within their courses. Students taking Maryville University’s online cybersecurity program are trained within the institution’s Cyber Fusion Center. Through the Cyber Fusion Center, they develop technical hacking and analytical skills in a protected environment and then apply them to real world situations through partnering with a company. Students can even specialize in defensive techniques, so they can help businesses eliminate vulnerabilities and preserve their data integrity. Other institutions like Purdue University Global and the University of Kent are offering similar programs.

Each transaction on the blockchain is secured with a private key. Plus, blockchain uses a consensus model to verify every transaction. Every new block is stamped by multiple computers all over the world. This ensures that every piece of information that passes through the ledger can’t be tampered with. However, blockchain’s security isn’t perfect. For example, hackers can take nodes offline to break the blockchain’s security structure. They can also steal keys to gain access to the files. This is why blockchain is now a key part of modern cybersecurity courses and training programs, with specialists in the field highly sought after.

Types

Every bit of software that is created on the blockchain will fall under two types—public and private—and you have to choose which one best fits the software that you’re building. A public blockchain is the common definition of the technology. The data is validated by global systems and can’t be edited. Crypto and most smart contract apps are good examples of this. On the other hand, a private blockchain is only used and governed by a single entity. Those who want to enter the network need your permission. Permissions can also be amended according to the employee’s level of access.

Both have their advantages and disadvantages. For example, software on public blockchains is more expensive, since it will require more time to check transactions. However, it’s also more transparent. Meanwhile, software on private blockchain loses one of the most defining features of the technology: decentralization. Since the network is governed by you, data is more private but less transparent. Fortunately, it’s also easier to scale, making it ideal for enterprise solutions. Sectors that deal with really sensitive information, like the finance industry and the government, can also benefit from private blockchain software.

Recently, however, people have begun developing a hybrid blockchain solution for those that want the main advantages of both (security and transparency). Called “co-chains,” Hackernoon’s experts explain that this environment lets both blockchain types communicate under one umbrella. Technically, the software still operates on the public blockchain, but the owner can choose its own validators. Plus, the program runs its own consensus algorithm. Companies like Algorand, Polkadot, and Kadena are already working on refining the process.

Getting started

All that said, here are some questions you might want to ask yourself before you incorporate blockchain into your business:

Who do you want to be in control? This affects how transparent and fast the system is going to be.

How secure do you want the software to be? This will affect the software’s cost.

What is your budget for the blockchain-integrated software? The lower your budget, the more you have to rely on the public ledger.

Who needs access to the blockchain data? If your customers, for example, don’t need to see the information, then a private blockchain software might meet your needs better.

Blockchain is a multi-faceted system that has a lot of uses, considerations, and costs that you need to think about. So, never skip the research. Blockchain has a lot of benefits, but its solutions are not one-size-fits-all.

Piece specially prepared for primafelicitas.com

Prepared by: JBranen

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Blockchain

Ripple’s Garlinghouse to File Dismissal Motion Against the SEC Lawsuit Over XRP Sales

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Ripple’s Garlinghouse to File Dismissal Motion Against the SEC Lawsuit Over XRP Sales

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The CEO of Ripple, Brad Garlinghouse is filing for a motion to dismiss the SEC lawsuit against himself and Ripple. This is according to a copy of a letter written by Garlinghouse’s lawyer stating that he intends to file a dismissal motion for the case.

The letter claims that the case was nothing but a regulatory overreach as the company’s sale of XRP did not involve any contract and the proceeds were not pooled with other buyers in a common enterprise. Its price also fluctuates in line with other digital assets such as Bitcoin and Ethereum.

“But Mr. Garlinghouse’s XRP sales involved no contract of any kind with the buyers, as his sales were done anonymously over an exchange. Nor were the proceeds of Mr. Garlinghouse’s sales pooled with other buyers in a common enterprise. And XRP’s value historically has not been correlated with Ripple’s actions, results, or public announcements, but instead with changes in the value of other digital assets, such as bitcoin and ether, that the SEC has publicly declared are not securities”, the letter read.

Ripple and its top executives have been in court since the SEC filed a lawsuit against them alleging that they illegally sold a security (XRP) and made profits of over $1 billion. Garlinghouse has however maintained his position that XRP is not a security.

This could be because other countries such as the UK hold XRP in high regard. Garlinghouse had last year indicated his intention to move Ripple headquarters over to the UK before the SEC lawsuit. In early February of this year, the company filed a defense for the suit which has led to a few more lawsuits.

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In 2015 and 2020, both the Department of Justice and the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) declared XRP to be a “virtual currency”. The two departments even asked Ripple to implement anti-laundering in place, a requirement that Ripple claims securities are not expected to meet.

The outcome of Ripple’s case with the SEC could be a big determinant of future regulations in the cryptocurrency industry and the entire space awaits the outcome.


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

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Source: https://zycrypto.com/ripples-garlinghouse-to-file-dismissal-motion-against-the-sec-lawsuit-over-xrp-sales/

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Crypto fund KR1 makes investment in blockchain data protocol LazyLedger

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KR1, a crypto & blockchain asset investment company, had announced that it has invested a total of USD $75,000 into Strange Loop Labs AG, doing business as LazyLedger Labs.

The investment company took part in LazyLedger’s seed funding round alongside Cosmos’ Interchain Foundation, Binance, Dokia Capital,  Maven 11, and other investors.

LazyLedger is a pluggable consensus and data availability layer to enable anyone to quickly deploy a decentralized blockchain; without the overhead of bootstrapping a new consensus network.

“LazyLedger is a great project and an opportunity to bring better data availability to blockchains; which reduces bloat and increases performance. We believe that LazyLedger is going to play a big role in the next generation of scalable blockchain architectures.”
– Keld van Schreven, Managing Director and Co-Founder of KR1

LazyLedger’s founding team are highly respected decentralized systems engineers and researchers; who were part of the founding team of Chainspace, a blockchain project acquired by Facebook, as well as contributors to Ethereum 2.0 and Cosmos’ Tendermint.

“I’m excited about KR1 supporting LazyLedger as they have been around from day one and the experience they bring is invaluable as one of the oldest funds in the crypto space.”
– Mustafa Al-Bassam, Co-Founder of LazyLedger

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Source: https://www.cryptoninjas.net/2021/03/04/crypto-fund-kr1-makes-investment-in-blockchain-data-protocol-lazyledger/

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DeFi yield optimization protocol ETHA Lend closes $1.6M funding round

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ETHA Lend, a yield optimizer protocol for DeFi, today announced it has closed a $1.6 million initial funding round from lead investors Digital Finance Group (DFG), AU21 Capital, and Privcode Capital.

Other investors include: Vector Capital, Chain Capital, PNYX Venture, Lancer Capital, Oasis Capital, TRG Capital, Candaq Capital, Dealean Capital, Inclusion Capital, Origin Capital, ZB Capital, YBB Foundation, AC Capital, Hotbit.

Designed to provide automated yield allocation across Ethereum and Polkadot DeFi ecosystems; ETHA Lend will be governed by ETHA token holders. The protocol’s algorithm is constructed to understand the precise circumstances of a liquidity provider and supply events; protecting users from high transaction costs, market limitations, and asset volatility.

 “We are excited to have some of the most reputable names in the crypto investment and DeFi funding market on board. Our protocol hosts unique integrations of the DeFi space that shall let users dabble with yield farming with unseen simplicity, cross-chain independence, and progressive yield optimization opportunities. You can look forward to a time when the sector shall be free of the haunting tribalism and intimidations both for new and expert users.”
– Chester Bella, Founder of ETHA LEND

The close of this funding round will enable ETHA Lend to accelerate development towards its mainnet launch, currently scheduled for Q2 2021. ETHA Lend’s smart contracts are being inspected by Certik; one of the most highly reputed blockchain security auditors.

Source: ethalend.org

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Source: https://www.cryptoninjas.net/2021/03/04/defi-yield-optimization-protocol-etha-lend-closes-1-6m-funding-round/

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